Users Are Warned By Binance CEO About Crypto Scam Websites in Google Search Results
As popular as respectable enterprises in the area are increasingly cryptocurrency frauds. The battle against scam tokens is ongoing as more and more new ones are introduced to the market, outnumbering those that have sincere objectives. According to Binance CEO Changpeng Zhao, one method these fraudsters advertise their projects is via advertisements, and despite the fact that platforms like Google seem to be combating the advertising, they still appear on search results (CZ).
Google Still Has Crypto Scams
Changpeng Zhao (CZ), the CEO of Binance, warned people on Twitter about fraudulent websites that appeared in Google search results. The tweet that included a snapshot of search results for the blockchain data aggregation website Coinmarketcap.
However, the snapshot displayed a number of results that seemed to go to a phishing and scam website rather than the genuine page. If the user failed to pay attention to what they were clicking on, both of these may result in losses for them.
"When people search for CMC on Google, fraudulent websites are shown. This impacts users who use these phishing websites to add smart contract addresses to MetaMask, according to the tweet. We are attempting to contact Google about this, and in the meanwhile, we are informing people via social media.
Unknown to many, Binance really controls Coinmarketcap cap after buying it in 2020. Therefore, it is clear why the CEO of Binance is issuing this warning. Phishing scams are common in the cryptocurrency industry. According to a research released in September, Australians lost more than $242 million to cryptocurrency scams in 2022. The number is much higher for the whole market.
Since the start of the bear market, Google's connection with the cryptocurrency market has changed. To position their websites at the top of search results, cryptocurrency businesses spend a lot of money on Google ads, but as the market downturn has persisted, crypto firms have reduced their ad expenditure.
As a result, the quantity of ad income coming from the crypto market has decreased for Google. For the third quarter of 2022, it recorded a 6% fall in cryptocurrency advertising revenues. Financial and cryptocurrency companies were stated to have decreased their search expenditure around this period during the earnings conference. Consequently, ad revenues somewhat decreased compared to Q2's.
However, Google advertisements continue to be a popular option for cryptocurrency marketers. They swarm to platforms like Google, which still permits such adverts, because sites like Meta (previously Facebook) forbid such ads.